16 June AtoZForex – Recently the Cyprus Securities and Exchange Commission (CySec) announced that it’s recalling the decision from July 13th, 2015 to grant the Administrative Services Provider (ASP) License to the company Opus Trust Management Ltd.
What is an ASP license?
An administrative Service Provider license demonstrates competence and compliance with respective EU directives. If the ASP license is granted by the CySEC it allows the company not only to provide its services in the EU without needing any additional credentials, but also proves that the firm is in compliance with the most recent professional provisions introduced by the European Union.
Why was Opus Trust Management ASP authorisation rejected?
The regulator refused to grant ASP license to the firm as the company did not satisfy the conditions provided by CySEC in spite the given deadlines. Opus Trust Management Limited was providing administrative before the Law regarding the ASP license was enforced.
So to be able to continue providing the services, the company applied for the ASP license. However, at the meeting in March, the watchdog decided to reject the firm’s application, as the regulator stated that the company failed to satisfy the requirements and comply with all the conditions of the Law.
What is next for the company?
As CySEC rejects Opus Trust Management ASP authorisation, the firm now needs to take several steps. Within the next six months, Opus Trust Management Ltd should stop providing administrative services and settle its obligations related to past activity. Also, the CySEC stated that the firm is not subject to its supervision.
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